TPG Capital in Sale of Partial Stake in Bank Tabungan Pensiunan Nasional

Cleary Gottlieb represented TPG Capital and a consortium including Northstar Equity Partners in the sale of part of their stake in Bank Tabungan Pensiunan Nasional, an Indonesian financial institution. The first part of the transaction closed on May 10, 2013. The second part of the transaction is conditional on governmental and shareholder approval.

TPG Capital originally acquired a stake in BTPN in 2008. BTPN was founded in 1958 and was listed on the Jakarta Stock Exchange in 2008. BTPN is a financial institution that specializes in funding and lending and is the seventh biggest bank in Indonesia. BTPN offers accounts in deposits & savings, pension loans, small to medium sized business loans, and other financial products.